The hotel will be built on the surface parking lot located north of 50 Monroe, the corner of Monroe Avenue and Louis Street NW.

“This site, which is literally in the center of our city, has been a parking lot for at least 30 years,” said CWD co-managing partner Sam Cummings in a news release. “We are thrilled with the prospect of adding an iconic structure to this important location and we hope to submit plans to the City of Grand Rapids Planning Department by late spring for construction to begin later this year.”

CWD is in discussions with Amway Hotel Corporation regarding management of the hotel. A hotel brand will be announced at a later date.

The hotel, which likely will include extended stay rooms, will be the first of its kind in the downtown market, officials said. By definition, an extended stay hotel hosts guests who stay five nights or more in a room that includes a kitchen area.

The development will also likely include retail, restaurants, and potentially residential units as part of a mixed-use project.

“Place-making is more than just the current buzz word; it’s a real movement with real momentum here. This mixed-use development will further solidify that the core of our city is the place to work, live, and be entertained,” said CWD co-managing partner Scott Wierda.

CWD has engaged Founding Partner and Creative Director of wHY Design, Kulapat Yantrasast, to design the building. Yantrasast is better known as the architect of the Grand Rapids Art Museum — the first new art museum in the world to receive a LEED Gold certification for environmental design.

This is the first hotel project for CWD and will come on the heels of its renovations to three significant downtown historic buildings: the Ledyard Building (125 Ottawa Ave. NW), Trust Building (40 Pearl St. NW), and 50 Louis St. NW, which includes CWD’s new headquarters. CWD has owned the property at 50 Monroe since March 2012.